Your ability to achieve good customer outcomes is critical in delivering fair and sustainable business. Poor or unfair customer outcomes that go undetected become time bombs of increased complaint volumes, unwanted attention from the regulator, negative publicity and costly remediation.
It is often very difficult to anticipate the impact of policy and processes across all customer circumstances. Outcome Testing is the only way to measure that your policies and processes are resulting in fair customer outcomes. Where outcomes are measured as poor you can take immediate corrective action and where they are fair you are re-assured, and can evidence to the regulator, that your policies, processes and practices are working as intended.
Outcome testing goes beyond traditional quality control methods which typically only test that processes have been followed. Quality Control often fails to test the fairness of customer outcomes and to check the reason for failure, an approach that can actually reinforce wrong outcomes. Done in the right way Outcome Testing turns lagging indicators of conduct failings into leading indicators. Gaps in policy and procedure that cause poor outcomes can be detected early before complaint spikes or trends become costly and damage your reputation.
The regulator has a statutory objective to protect consumers and expects that firms will objectively assess and continuously improve the fairness of the customer journey. Outcome testing is more empowered when carried out by an independent, impartial provider who is able to challenge the internal status quo.
Doris and Vi can help build bridges between Risk, Quality and Operations. We not only ensure that Ombudsmen, MOJ, FCA interactions can be supported with robust rationale but ultimately that through ensuring fair outcomes you can build strong loyalty with your customers. Whether you are a small broker or a multinational bank, Doris and Vi can help you too.